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The announcement was just made minutes ago;
The first project to redevelop part of the downtown rail yard is envisioned as a mix of commercial and residential that would enhance the area around 8th & Railroad Center.
The development will be owned by Black Iron Railyard, LLC, which is led by David and Erika Billion.
Erika and Dave had told me over a year ago they were going to submit to the RFP and were greatly interested in the property behind the 8th and RR center that they currently own. I am actually glad to see they were awarded(?) the RFP, and for once it wasn’t the same old group of developers.
Obviously, the City Council will still have to approve the project, but like I mentioned last week, the ball is already rolling.
It will be interesting to hear if there will be any controversy over this project. The only thing I would be concerned about is building residential less than 100 feet from an active train track. There has been a promise this area will become ‘whistle free’, something that should have been negotiated to begin with. We will have to wait and see how the turd polishing goes.
So, does anyone else see something wrong with these numbers…..
Federal taxpayers pay BNSF 27m for 10 acres.
Black Iron Railyard LLC will purchase about four of the 10 acres for $2.6 million.
In addition, the building part of the project (Phase I) will be completed in 2020. Why, then, does it take an additional ten years to construct (Phase II) an access road from the east side and a bike trail that will eventually connect to the river greenway?
Is there a TIF request on the horizon…..
And, BTW, who besides Dave and Erika Billion are part of the LLC?
I was of the impression that area was suppose to attract businesses to our City with jobs (Real paying ones too) and high rise corporate buildings (Wasn’t the Cherapa Place guy going to build one over there?), and not more spendy apartments and boutique shops…. So either, they are confident in the jobs we will be getting there, else, we gave Buffet $ 27 million just so we could build some lofts and go shopping for some stuff we really don’t need….
#ICantWaitForTheHighSpeedTrains
“anonymous,” has a good point. Because shouldn’t they be spending 10.8 million to buy it and even more with real estate inflation like it is in this town? Else, this is an example of the Federal government spending millions to satisfy Billions even though millions will be lost (What?)…. So I think we need to rethink this transaction and ask for a few more millions from the Billions (Huh?)…. And from best I can tell, they have it…..Oh, but that’s right, it wasn’t really our $ 27 million was it (But aren’t we federal taxpayers, though?), so any sale is a windfall for us in Sioux Falls, right?…. (Windfall?… Well, it is definitely a “windfall” in value in the millions for the Billions… (Wow!))
#MusksHyperloopOrHighSpeedTrainsWhichIsBetter?
I realize that it is two different governmental entities, but why is one entity selling property worth 10.2 million plus for 2.6 million, when an adjacent entity is looking for 190 to 300 million to build and modernize our school system?
Even our governmental entities appear to live in different cities….
#ATaleOfTwoCities